The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
AUD/USD: trading on the RBA meeting
2019-11-11 • Updated
Trade idea
SELL at 0.6995; TP1 0.6950; TP2 0.6900; SL 0.7050
The Reserve Bank of Australia is expected to cut its Cash Rate from 1.25% to 1% on Tuesday, July 2. Analysts think that this rate cut won’t be the last. As a result, the risks for the AUD are negative.
AUD/USD ran into the 100-day MA at 0.7033. The downtrend resistance line connecting the highs of 2018 and 2018 is also not far from this level strengthening the resistance. The pair formed a bearish engulfing pattern on H4 and will likely drift further down to the 0.6950/40 area and probably lower, to 0.6900.
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Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
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